Technology

How to Utilize Solar Energy for Profit ?

How to Utilize Solar Energy for Profit

Solar energy is no more an unfamiliar source of energy for us. Because we are all learning and experiencing the benefits of implementing solar energy in our properties (both public and private) for the last few decades. Since it is an unlimited renewable energy resource that saves money and provides environmental sustainability and a better reputation, there is no wonder that business giants like Amazon and Target have gone all-in on implementing solar panels. 

However, there is a great number of corporate leaders are still perplexed about the installment of solar energy in their business. Many of them think that it is not feasible and affordable to install such renewable energy for their enterprise. Because of this notion, businesses lose one of the chances to reduce operational costs.  Thus, we must make a thorough understanding of how we can utilize solar energy to increase the profit of our business. 

In this article, let’s discuss that in brief. 

Install Community Solar

Community solar is essentially a solar power plant that shares electricity to multiple households, companies, or institutions. It offers renewable energy to businesses of all sizes regardless of its roof access. The installation of community solar helps users to receive a credit on their electricity bills for their share of the power that is being produced.

In fact, there avail several community solar models in the market with different rules and offerings that meant to deliver for all kinds of businesses. 

Here are a few of them:

  • Utility Sponsored Model 

In the utility-sponsored model, utility companies provide an option for their customers to purchase renewable energy from a shared facility. Since utility companies own the energy, they lease shares to consumers, and they purchase an amount of electricity at a fixed rate for a contracted period. Through this model, users gain protection from increasing rates for electricity. And, this is a model highly recommended for local and small business. 

  • On-Bill Crediting Model 

With the on-bill crediting model, businesses are entitled to invest in portions of a solar system, and they receive credit on their electricity bills for the power they produce. In this, users receive credit in the form of kilowatt-hour offsets or monetary credits on the bill. And, this is a model that greatly attracts large-scale companies since they have more capital. 

  • Non-Profit ‘Buy a Brick’ Model

Buy a brick is a unique community solar model that allows donors to contribute money to a shared renewable energy installation that can be used by deprived communities. 

E.g. Grid Alternatives. 

Wrapping it Up

Identifying and installing the right solar model is the best step to reduce the electricity bills by up to 40 percent. The Solar Energy Industry Association (SEIA) once calculated and revealed that the top 10 private organizations have gathered a massive saving of around $47 million by using solar. And, they could save nearly a billion-dollar if the system would operate for the next 20 years. Thus, try to identify a suitable solar model for your business and install it soon.

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